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- Publisher Website: 10.1016/S0022-0531(03)00260-6
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Article: Search frictions, market power, and long-run growth
Title | Search frictions, market power, and long-run growth |
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Authors | |
Keywords | Long-run growth Market structure Search |
Issue Date | 2004 |
Publisher | Academic Press. The Journal's web site is located at http://www.elsevier.com/locate/jet |
Citation | Journal Of Economic Theory, 2004, v. 116 n. 2, p. 323-346 How to Cite? |
Abstract | This paper embeds product market search in an Ak growth model to study the effects of search frictions on market structure, capital accumulation, and long-run growth. The basic hypothesis is that search frictions, in giving rise to market power, result in higher prices and lower output levels. The falling demand for capital stemming from firms cutting back output then lowers the interest rate, dampening capital accumulation and slowing down growth. A decline in search frictions sets the process in reverse, eventually speeding up growth through the change in market structure. In the meantime, the stock market values of firms could fall. © 2003 Elsevier Inc. All rights reserved. |
Persistent Identifier | http://hdl.handle.net/10722/85695 |
ISSN | 2023 Impact Factor: 1.4 2023 SCImago Journal Rankings: 3.218 |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
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dc.contributor.author | Tse, CY | en_HK |
dc.date.accessioned | 2010-09-06T09:08:07Z | - |
dc.date.available | 2010-09-06T09:08:07Z | - |
dc.date.issued | 2004 | en_HK |
dc.identifier.citation | Journal Of Economic Theory, 2004, v. 116 n. 2, p. 323-346 | en_HK |
dc.identifier.issn | 0022-0531 | en_HK |
dc.identifier.uri | http://hdl.handle.net/10722/85695 | - |
dc.description.abstract | This paper embeds product market search in an Ak growth model to study the effects of search frictions on market structure, capital accumulation, and long-run growth. The basic hypothesis is that search frictions, in giving rise to market power, result in higher prices and lower output levels. The falling demand for capital stemming from firms cutting back output then lowers the interest rate, dampening capital accumulation and slowing down growth. A decline in search frictions sets the process in reverse, eventually speeding up growth through the change in market structure. In the meantime, the stock market values of firms could fall. © 2003 Elsevier Inc. All rights reserved. | en_HK |
dc.language | eng | en_HK |
dc.publisher | Academic Press. The Journal's web site is located at http://www.elsevier.com/locate/jet | en_HK |
dc.relation.ispartof | Journal of Economic Theory | en_HK |
dc.subject | Long-run growth | en_HK |
dc.subject | Market structure | en_HK |
dc.subject | Search | en_HK |
dc.title | Search frictions, market power, and long-run growth | en_HK |
dc.type | Article | en_HK |
dc.identifier.openurl | http://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0022-0531&volume=116&spage=323&epage=346&date=2004&atitle=Search+Frictions,+Market+Power+and+Long+Run+Growth | en_HK |
dc.identifier.email | Tse, CY: cytse@hkucc.hku.hk | en_HK |
dc.identifier.authority | Tse, CY=rp01099 | en_HK |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1016/S0022-0531(03)00260-6 | en_HK |
dc.identifier.scopus | eid_2-s2.0-3242740455 | en_HK |
dc.identifier.hkuros | 91880 | en_HK |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-3242740455&selection=ref&src=s&origin=recordpage | en_HK |
dc.identifier.volume | 116 | en_HK |
dc.identifier.issue | 2 | en_HK |
dc.identifier.spage | 323 | en_HK |
dc.identifier.epage | 346 | en_HK |
dc.identifier.isi | WOS:000221833800006 | - |
dc.publisher.place | United States | en_HK |
dc.identifier.scopusauthorid | Tse, CY=7103295092 | en_HK |
dc.identifier.issnl | 0022-0531 | - |